Rackspace (RAX) Revenue, Stock Surges on Cloud

on August 31, 2012

Cloud computing company Rackspace Hosting’s (RAX) revenues and profits are way up as is the company’s stock price, Investor’s Business Daily reported.

Rackspace has made its mark in cloud computing by using an open-source platform know as OpenStack to power its cloud portfolio.

The company launched OpenStack in 2010 and has since built a burgeoning support business around the software, which now has the backing of more than 180 companies.

Rackspace shares have climbed 37% this year and are up 70% from a year ago.

RAX is a Cabot Market Letter stock.

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